STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2010

Oct 12, 2010

Wednesday 13 October 2010

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PLACEMENT COMPLETE, PROSPECTUS CLOSED

Gippsland Limited [ASX: 'GIP'; FRA: 'GIX'] ('Gippsland' or the 'Company') advises that, following the lodgement of a compliance prospectus on 11 October 2010, the Company has completed the previously announced placement to institutional and sophisticated clients of Patersons Securities Limited of 80 million fully paid ordinary shares at $0.04 per share to raise $3.2 million (before costs).

The prospectus Offer has closed and no additional shares were allotted pursuant to that Offer.

For further information, please contact:

Jack Telford

Director - Chief Executive Officer Gippsland Limited

T: +61 8 9340 6000

M: +61 418 911 928

101013 - ASX Announcement - Gippsland Ltd - Placement Complete, Prospectus closed

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